Bank of Korea(BOK) Governor Rhee Chang-yong said on Wednesday that price stability will remain the BOK’s priority this year while it will also take into account economic and financial stability. 

Rhee shared his vision during his New Year meeting with foreign correspondents, saying the central bank prioritized raising the key interest rate last year, when inflation topped five percent. 

With the benchmark rate already at a high level, he said the bank will determine rate adjustment depending on new data and information on how it will affect prices. 

Rhee said that South Korea’s inflation will continue to slow this year as in many major economies, with the exception of food and energy prices. 

However, he was quick to add that a spike in international oil prices began to be reflected in the consumer price index in the nation more slowly than other countries, raising the possibility of the declining pace of inflation being different from those of major economies.